The European Banking Authority (EBA) is proposing updated anti-money laundering rules for crypto providers, with a focus on combatting the financing of terrorism. The EBA has identified that current regulations are insufficient and has published a consultation paper seeking feedback from interested parties. The proposed guidelines include merging the criteria for payment service providers and crypto-asset service providers, as well as enhancing the interoperability of protocols. Additionally, crypto providers would be required to obtain and hold information on self-hosted addresses and verify ownership or control of these addresses. The new rules are expected to come into force on December 30, 2024, following the consultation process. This move by the EBA reflects a growing recognition of the need to regulate the crypto industry to prevent illicit activities and ensure compliance with anti-money laundering and counter-terrorism financing standards.

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Information	Details
Geography	Europe
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	European Union’s banking regulator, the European Banking Authority (EBA)
Currencies	None
Securities	None